Trade groups are continuing to battle a market conduct data collection project as the National Association of Insurance Commissioners gives the project more attention.
Members of both the executive committee and the plenary committee at the NAIC, Kansas City, Mo., will hold a conference call Tuesday to discuss the project and possibly vote on it.
The plenary is a body that represents all voting members of the NAIC.
Insurance trade groups said this week that they still want the NAIC to take more time to consider data confidentiality issues.
Creating a centralized collection of market conduct analysis statements could help agents, investors, trial lawyers or others misrepresent or misuse market conduct data, according to Deidre Manna, a vice president at the Property Casualty Insurers Association of America, Des Plaines, Ill.
Even if market conduct information is already available to the public on a company-by-company basis, an aggregated version of the data would be new data, Manna says.
Some regulators, such as Joel Ario, acting insurance commissioner in Pennsylvania, have asked whether making the database confidential would make insurance trade groups any more amenable to the project.
Joe Musgrove, an Arkansas regulator, says the market conduct information database could not provide any more confidentiality than the data originally had.
In Arkansas, for example, the only way to keep the data completely confidential would be to acquire it through a market conduct examination, Musgrove says.
Some states permit access to all information, and, for those states, a source of aggregated data would become a “public portal for all information,” says John Morrison, Montana’s insurance commissioner.
State commissioners could identify those states and exclude them from the data collection effort, Morrison says.
Utah Insurance Commissioner Kent Michie has proposed basing the data collection in the state with the most advantageous confidentiality laws.
That state could act as the central repository for data from other states, and the NAIC would be contracted as a third party provider for handling the data, Michie says.